Moneris and BMO team up to optimize B2B payments

The trend of fintechs partnering with banks to facilitate customer digital transformation has arrived in Canada.

In such, Moneris Solutions Corporation has teamed up with Bank of Montreal (BMO) to connect businesses in Canada with Moneris B2B Pay which is an automated payment processing solution backed by a straight-through process. According to the press release, this partnership would help in ‘ streamline the business-to-business payment process and provide greater operational efficiencies for both the buyer and supplier’.

“Digital B2B payments are not new to Canada, but many business owners have not had the time or resources to make the transition,” said Duri Alajrami, Chief Sales & Marketing Officer, Moneris.

This month, TerraPay expanded its payments into North America while Payments Canada tapped Interrac Corp for a real-time payments system.

With Morneris B2B Pay, it lets buyers and suppliers make a transaction using virtual commercial cards like BMO’s Approve2Pay. By using virtual cards ‘buyers can initiate payments electronically and suppliers, such as manufacturers, wholesalers, and commercial services, can have funds automatically accepted and deposited into their account’.

“The pandemic has accelerated the shift away from paper based, manually intensive processes and more towards a fully digital payments journey,” said Steve Pedersen, Vice President, North American Corporate Cards, BMO Bank of Montreal.

BMO clients who sign up for BMO Approve2Pay and Moneris B2B Pay would benefit from ‘Moneris’ supplier enablement service, which helps set up all of the client’s regular suppliers to accept virtual card payments if they do not support it yet’. The clients would benefit from payment automation, simplified payment process and end to end control and improved security.

Moneris is a solutions provider for mobile, online and in-store payments and also offers hardware, software and solutions to businesses to operate in payments.